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The price of Ethereum spiked by 9% in a matter of minutes Monday afternoon amid speculation from analysts that the United States Securities and Exchange Commission will indeed approve spot Ethereum exchange traded funds (ETFs).
Ethereum jumped from a price of $3,143 to $3,428 in a span of approximately 20 minutes, per data from CoinGecko. Its 24-hour jump sits at 11% as of this writing, based on the current price of $3,410.
Bloomberg analysts Eric Balchunas and James Seyffart now say they're 75% sure that the SEC will approve applications starting this week, following a previously bearish streak that saw them estimate the chances at 25%.
"Hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us, everyone else assumed they'd be denied)," Balchunas tweeted.
Editor's note: This story is breaking and will be updated with additional details.
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